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In a statement, the Bank said: "This issue has only just come to light, and the Bank did not know about it when the contract was signed.

"Information recently provided by our supplier, Innovia, and its supply chain shows that an extremely small amount of tallow is used in an early stage of the production process of polymer pellets, which are then used to create the base substrate for the £5 note.

"Innovia is now working intensively with its supply chain and will keep the Bank informed on progress towards potential solutions."